MUSKOKA TOP LIFESTYLE GUIDE

SUSAN BROWN’S MUSKOKA GUIDE THE VERY BEST OF COTTAGE COUNTRY

Lake of Bays and Huntsville are the perfect destinations from which to explore everything that’s great about Muskoka.

From here you’re an easy drive to world-class resorts such as Deerhurst, famous as the site of Canada’s G8 summit of world leaders in 2010, as well as some of the best open water for boats and personal watercraft. Those who enjoy paddling canoes and kayaks are also spoilt for choice, thanks in particular to the proximity of Ontario’s largest provincially protected wilderness, Algonquin Park, which offers an endless variety of routes and overnight camping opportunities.

The area boasts numerous excellent attractions, too. Perhaps the most famous is the RMS Segwun, North America’s oldest still-operating steamship. Based in the town of Gravenhurst – the ‘Gateway to Muskoka’ – a great time to visit this wonderful old vessel is during the always fun Antique and Classic Boat Show, which draws hundreds of elegant old wooden boats from across the US and Canada.

And, of course, Lake of Bays has its own famous ship: the SS Bigwin, once the property of Bigwin Island, now offers sightseeing trips around the lake.
Equally famous is Santa’s Village in Bracebridge, a fun family getaway that’s been drawing the crowds to the summer vacation home of old St Nick for over 60 years now.

And then of course there’s Muskoka’s superb shopping. Any seasoned shopper to the region knows by heart the key places to pick up great souvenirs, gifts and clothing, including Robinsons General Store in Dorset, Muskoka Bear Wear (five locations, including Huntsville), Algonquin Outfitters (also in Huntsville and other locales) and, of course, Yummies in a Jar for sweet or savoury treats.

To learn more of Susan’s favourite things in cottage country, be sure to explore her frequently updated Muskoka Guide.

Muskoka Real Estate Market Update – January to October 2014

Blog by Susan Brown | January 1st, 2014

The recreational resale market started relatively slowly in the spring of 2014. Although weather conditions were not as extreme this year as last, they were severe enough that they negatively impacted the early market. However as the year progressed the number of available properties for sale increased and with an increase in inventory, sales also increased. By the end of October, sales of recreational properties had exceeded reported sales for the same period in 2013. This marks the second consecutive year in which sales have exceeded the number of reported sales from the year before.

The Muskoka Haliburton Orillia Association of Realtors have reported the following market data. Overall the number of recreational properties available for sale increased by almost 11 percent, from 1150 in 2013 to 1273 this year. This follows on the heals of a 9 percent increase from 2012 to 2013. Similar increases are evident in the various recreational cottage districts that Chestnut Park agents work with buyers and sellers.

On the Muskoka Lakes there were 385 active listings at the end of October compared to 335 in 2013, an increase of almost 15 percent. In 2012 there were only 277. Compared to 2012 available recreational inventory has increased by almost 40 percent. Similar increases were evident in both Lake of Bays and the Haliburton Highlands.

On Lake of Bays there were 138 properties available for sale at the end of October. In 2013 there were 117, an increase of 18 percent. In the Halibuton Highlands the increase of available properties is not quite as dramatic. This year there were 285 available properties, last year there were 275.

Over the last three years sales have followed the available inventory. As the number of available properties for sale has increased there has been a corresponding increase in reported sales. In 2014 overall recreational property sales totaled 830, a 13 percent increase compared to the 732 sales reported to the end of October 2013. The Muskoka Lakes reported 253 sales, a 19 percent increase compared to the 212 reported sales in 2013.

Interestingly both the Lake of Bays and Haliburton Highands markets produced results that were inconsistent with the overall market and the other recreational trading areas. Notwithstanding the increase in active listings both of these markets have remained static for the past three years. One explanation is price-point. The average sale price in this market is considerably lower than the properties available on Muskoka’s big lakes, Rosseau, Joe, and Lake Muskoka. Average sale prices in Muskoka’s big lakes have drifted downward since their pinnical in 2007, in some cases by as much as 25 percent. That downward drift appears to have stabilized. Buyers’ expectations are now closer aligned to that of Sellers, which in combination with increased choice, resulted in increased sales, including a large number of higher-end ($3 Million plus) sales.

Chestnut Park’s agents were responsible for a record in recreational property sales. At the end of October our property sales by volume had increased by over 16 percent over last year. The value of real estate sold increased dramatically by 34 percent to $220,853,434, the highest volume of sales in the history of the firm. The previous best year was 2007, when $201,080,000 in dollar volume of recreational property sales was achieved. In the Port Carling market place, the Chestnut Park office out sold our nearest competitor office by 114 percent.

Looking beyond 2014, and barring any unforeseen shocks to the economy – the recent meltdown of the stock market was disconcerting – 2015 should be a year similar to 2014. Assuming inventory levels remain high, anticipate an increase in sales volume by about 3 to 5 percent. As always it is fundamental that Sellers price their properties realistically. Any undue exuberance in pricing will result in properties lagging on the market, often beyond one season. As recent analysis of the Muskoka resale market disclosed that properties sold substantially below their original list price, in some cases as low as 25 percent. In addition, it took months, and in some instances two or more selling season before these properties sold.